EXHIBIT 10.5.12
December 26, 2002
MOVIE STAR, INC.
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Re: FINANCING AGREEMENT
It is mutually agreed that the Financing Agreement entered into between us
dated April 24, 1996, as amended or supplemented (the "Financing Agreement") is
amended effective December 26, 2002 as follows:
1. The following shall be added to Section 8.1, after subsection (f)
thereof, as a new subsection:
"(g) the issuer of any insurance policy on the life of ▇▇▇▇▇▇ ▇▇▇▇▇▇
or ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ which insurance policy has been assigned to Lender,
contests (i) any portion of such policy or (ii) any claim made under
such policy."
2. The following shall be added as a new sentence between the second and
third sentences of Section 8.1:
"Notwithstanding the foregoing, a Default arising solely by reason of
subsection (g) of this Section 8.1 can be cured by Borrower creating
and maintaining with Lender minimum of $2,500,000 of excess
availability under the formulae for availability pursuant to Section
2.1 hereof."
Except as hereinafter specifically set forth the Financing Agreement, shall
continue unmodified.
▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, INC.
BY: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
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Senior Executive Vice President
THE FOREGOING IS ACKNOWLEDGED:
MOVIE STAR, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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▇▇▇▇▇▇ ▇▇▇▇▇
Chief Financial Officer
